In 2025, China’s luxury market contracted by 3% to 5%, a significant slowdown compared to the sharp decline in 2024. Specifically, the watch category experienced challenges with a decline of 14% to 17%, highlighting that consumers are becoming more rational and turning to second-hand products in the luxury watch market in China. Amid this challenging landscape, Audemars Piguet continues to attract strong interest. It particularly appeals to the younger generation and VICs through highly exclusive, immersive experiences. In an exclusive interview ahead of the brand’s 150th anniversary in 2025, Audemars Piguet CEO Ilaria Resta stated that the Chinese market is not only a major market for Audemars Piguet but also a key indicator of taste and influence. While its watches are highly valued, it is the brand’s experiences that are driving interest in Audemars Piguet in the Chinese market.
Download our China luxury market report
Audemars Piguet keeps distribution deliberately scarce in China
Audemars Piguet continues to keep a tightly controlled distribution strategy in China. In 2013, it opened its first directly operated boutique on the ground floor of Beijing Xinguang Tiandi (now Beijing SKP), one of Beijing’s top luxury department stores. Since then, as of July 2026, it operates only five boutiques. All of them are located in tier-1 or new-tier-1 cities, and its sixth boutique is set to open in Hangzhou.
Audemars Piguet is top-tier in China and one collection defines it
Among the world’s top watch brands, Audemars Piguet has risen to become the third-largest watch brand globally. In 2025, it jumped to third place globally with an estimated wholesale revenue of CHF 2.6 billion. This is equivalent to RMB 21.8 billion, representing a 9% YoY increase.
In the Chinese market, it ranks among the top-tier brands alongside Patek Philippe and Vacheron Constantin. In a September 2025 survey among 1,148 Chinese consumers, it ranked sixth, with a 7% brand preference among Swiss watch brands in China. While it falls behind Rolex, Omega, and a few other brands, it does not necessarily mean that it is weaker, as it targets a narrow high-net-worth collector base.
At the same time, Chinese consumers’ perception of the Audemars Piguet brand is highly concentrated on a single product line. Most of Audemars Piguet’s sales in the Chinese market come from the Royal Oak collection. This illustrates that the Royal Oak’s iconic octagonal bezel and Tapisserie-patterned dial have become one of the most recognizable design elements in China’s luxury watch market.
Audemars Piguet prioritizes immersive offline experiences, supported by online services
Audemars Piguet also incorporates Chinese cultural elements into its boutiques. It does not simply replicate the design of its Swiss headquarters, but actively incorporates architectural and cultural symbols from across China into its iconic modern aesthetic. The design of AP House in Shanghai draws inspiration from the city’s classic Shikumen style. By combining straight lines with curves and incorporating classic Shikumen lines into details such as chandeliers and window frames, the space achieves a harmonious blend of Eastern and Western elements.
In terms of online channels, Audemars Piguet does not engage in traditional e-commerce sales in China. Instead, it relies on the WeChat ecosystem to build its own private traffic pool. Consumers can book in-store experiences and A/S services at their boutiques through the official WeChat account and mini-program. In July 2026, Audemars Piguet China updated its nationwide customer service hotline and launched a 24-hour online appointment system. Combining online appointments to drive traffic with in-store experiences to close sales, it not only maintains the sense of exclusivity associated with a top-tier luxury brand but also enhances service efficiency.
Audemars Piguet’s customers are high-net-worth individuals
High-net-worth individuals are core target customers of Audemars Piguet in the Chinese market, and the brand enjoys significant brand appeal among this group. According to a 2026 survey by Hurun Research Institute, Audemars Piguet ranked third on the list of watches most favored by 470 high-net-worth respondents. It entered the top three ranking, tying with Vacheron Constantin and falling behind Patek Philippe and Rolex.
The primary reason high-net-worth individuals choose Audemars Piguet is the timeless, intergenerational appeal of its Royal Oak collection. Through exhibitions and experiential events such as House of Wonder, Audemars Piguet has effectively reached watch collectors and high-net-worth individuals aged 25 to 45, continuously reinforcing its brand image as a symbol of exceptional craftsmanship and heritage. By June 2026, the resale value retention rate for Audemars Piguet’s Royal Oak steel models remained within the 98% to 110% range, with the average secondhand price having risen by 61.8% over the past five years.
However, even with a substantial wealth base, the consumption behavior of China’s high-net-worth individuals is experiencing a profound change. 2025 was a year of realignment for China’s luxury good market, as consumers became more cautious and increasingly preferred products that offered good quality, uniqueness, and practicality at a reasonable price. As a result, high-net-worth individuals have begun to reduce their annual spending on luxury goods such as watches and jewellery by 10%.
Audemars Piguet is appealing to younger consumers
Additionally, Audemars Piguet has been focusing on appealing more to the younger generation. According to an interview by CEO Ilaria Resta with the South China Morning Post, “[The interest and curiosity] is far more pronounced now in the younger generation from China”. However, more than one-third of Gen Z consumers are considering reducing or stopping their luxury spending. It means that when Audemars Piguet seeks to attract younger consumers, it faces not only the challenge of brand awareness but also the structural resistance posed by an entire generation’s consumer mindset shifting from “ownership” to “experience,” highlighting that competing against just the product itself is not enough. Consumers seek experiences beyond just the product itself.
Audemars Piguet collaborates with Swatch to win young consumers
In response to the increasingly cautious spending habits of younger consumers, Audemars Piguet launched a groundbreaking initiative to rejuvenate its brand in 2026. On May 16th, 2026, Swatch collaborated with Audemars Piguet to launch a new co-branded collection of pocket watches called “Royal Pop.” This collection transplants the iconic octagonal porthole bezel of the Audemars Piguet Royal Oak and its “Petite Tapisserie” dial pattern onto Swatch’s proprietary Bioceramic material. Drawing inspiration from the modular structure of the 1980s Swatch POP collection, it features a new hand-wound version of Swatch’s SISTEM51 movement.
The collaboration created a lot of buzz, but it came at a cost
The offline launch was incredibly popular, with long lines forming at stores in Shanghai, Shenzhen, and other cities. At some stores, customers even began lining up as early as noon the day before the launch. The second-hand market also shows a shocking premium. According to price trend charts on Dewu in China, the transaction price for this series rose from RMB 2,950 to a high of RMB 12,599, representing a 4.3-fold premium. On Xiaohongshu, consumers post looking for personal shoppers in Hong Kong or Macau, just to get the styles they want. In addition, some personal shoppers post offers to stay up all night and stand in line to buy items on their behalf.
However, the Royal Pop has elicited a completely different reaction among seasoned watch enthusiasts and VICs. On social media, consumers have expressed mixed opinions on this. Some watch enthusiasts have bluntly said it “looks very plastic” and lacks the aura of a luxury watch. They added that it isn’t worth the price of around RMB 3,000. Some are concerned that if the collaboration directly copies the Royal Oak design, it can completely undermine Audemars Piguet’s prestige. This tension between breaking into new markets and losing prestige is precisely the core contradiction that Audemars Piguet must confront as it expands its appeal to a younger generation.
What defines Audemars Piguet in the Chinese market
- Audemars Piguet’s brand strength defies a shrinking market. While China’s luxury market contracted 3% to 5% in 2025 and the watch category fell 14% to 17%, Audemars Piguet in the Chinese market continues to hold a leading place. It ranks third among watches most favored by high-net-worth individuals, behind Patek Philippe and Rolex.
- Scarcity is the strategy, and the Royal Oak is the brand. AP operates only five boutiques in China, all of which are located in tier-1 or new-tier-1 cities. Moreover, Chinese consumers largely recognize the brand for its Royal Oak collection.
- Experiences, not just products, are the bridge to young Chinese consumers. Audemars Piguet is leveraging exclusive experiences – not only relying on its products – to attract young consumers. This is relevant, especially as Chinese consumers are reallocating away from traditional luxury goods toward experiences.
- On May 16th, 2026, Swatch and Audemars Piguet jointly launched the Royal Pop collection. While long lines formed at offline stores in many locations and pieces resold for as much as 4.3 times their retail price on the secondhand market, the launch also sparked controversy among collectors.
Author: Sory Park
